New economic framework IPEF an empty U.S. pledge: Financial Times

LONDON, June 12 (Xinhua) -- The Indo-Pacific Economic Framework (IPEF) launched by U.S. President Joe Biden last year is an "empty" trade pledge to the region, an opinion article published by the Financial Times has said.

Its first results, of an initiative on supply chains, were "unimpressive," and the U.S. announcement "has no binding mechanisms," Alan Beattie, a senior trade writer for the British newspaper, noted in the article on June 8.

"The IPEF's fundamental flaw is exactly that predicted by experienced trade folks from the beginning," Beattie said, adding that "without substantial new access to the US market or other trade privileges on offer, there's little incentive for partner countries to make big commitments themselves."

"The IPEF will not substantially reroute value networks away from China or otherwise meaningfully counter Beijing's geoeconomic influence," he said.